Pulitzer-winning journalist Cathie Wood, founder of Ark Investment Management, has expressed her support for former President Donald Trump's crypto strategy. Wood, who is the CEO and CIO of ARK Invest, announced at a Las Vegas Conference that she plans to vote for Trump in the upcoming presidential election. Wood cited Trump's favorable stance towards the crypto industry and his support for ending the Biden administration's 'war on crypto' as reasons for her decision. She also mentioned economist Arthur Laffer's description of the first three years of the Trump presidency as the best in US economic history. Wood's endorsement of Trump aligns with other major figures from the crypto industry, including the Winklevoss twins, who have publicly endorsed Trump and donated $1 million each to his campaign [58035fa9] [c1a9aedf] [66d3c2dd].
Wood's endorsement is significant as she is a prominent figure in the industry and her support for Trump's crypto strategy highlights the growing interest in cryptocurrency within the U.S. political scene [c1a9aedf] [66d3c2dd]. Trump has been actively promoting the cryptocurrency industry and has received support from other industry leaders like the Winklevoss twins. His campaign has also accepted donations in cryptocurrency, including a $2 million Bitcoin donation from the Winklevoss twins [c1a9aedf] [66d3c2dd]. This indicates a potential shift in attitudes towards the digital world and the importance of cryptocurrency in the 2024 U.S. presidential elections [c1a9aedf] [66d3c2dd].
In addition to her support for Trump's crypto strategy, Cathie Wood has made headlines with her bullish outlook on Bitcoin. Wood predicts that Bitcoin could hit $3.8 million by 2030, driven by institutional investors significantly increasing their Bitcoin allocations. She believes that institutional investors could invest over 5% of their portfolios into crypto [80dcd402].
Wood's endorsement of Trump's crypto strategy and her bullish outlook on Bitcoin indicate her confidence in the potential of the cryptocurrency industry and its impact on the economy [c1a9aedf] [80dcd402].
Kevin O'Leary, a prominent investor and entrepreneur, has shed light on the changing sentiment towards Trump on Wall Street ahead of the US election. O'Leary explains that Wall Street is starting to come around on Trump due to his economic policies. He highlights the reduction in corporate tax rates under the Trump administration, which is seen as more competitive than Biden's proposed increase. O'Leary also mentions rising food prices and inflation as concerns that won't be resolved before the election. Wall Street executives, including Stephen Schwarzman and John Paulson, have endorsed Trump for the 2024 election [6c2f60b8].
The changing sentiment on Wall Street towards Trump reflects a shift in attitudes towards his economic policies and the potential impact on the US economy. While Wood's endorsement focuses on Trump's crypto strategy, O'Leary emphasizes the broader economic implications. These endorsements from prominent figures in the financial industry highlight the growing interest and support for Trump's policies within the business community [6c2f60b8].
Billionaire hedge fund manager Bill Ackman has also joined the ranks of those endorsing Trump in the US presidential race. Ackman made the announcement on social media platform X, stating that he had made the decision carefully and based on empirical data. This endorsement comes after Trump was shot in the ear at a campaign rally, with Elon Musk also expressing support for Trump's recovery. Ackman's endorsement marks a change from earlier this year when he called for Trump's resignation after the attack on the US Capitol. Ackman had considered endorsing Trump in May and plans to provide a detailed explanation for his endorsement in a future post. The endorsement did not mention the shooting incident, but Ackman later alluded to the current state of democracy in the US. Ackman has a following of 1.3 million on X [ac60cd01].
As the stock market continues to evolve, it will be interesting to see how Wood's bets on these stock-split growth stocks play out, and how the presidential election will impact the economy and the stock market [c215cc86].
In contrast to Wood's support for Trump, House Rep. Ro Khanna, Congress' most active stock trader, has been buying shares of Walmart, a stock-split stock. Walmart completed a 3-for-1 forward split prior to trading on February 26. Walmart has historically used its size as its biggest competitive edge, with the ability to buy products in large quantities and undercut competitors on price. Walmart is also benefiting from its investments in technology. However, Walmart's stock is currently considered pricey with a forward price-to-earnings ratio of 25. While patient investors may do fine, active traders like Khanna may be disappointed [59ed90ee].